Business News

Money is the biggest source of worry for people despite the economy’s strong growth.

More people are worried about their finances than last year.

Family and health were the issues that came next when people were asked to list their worries in order of importance, according to a survey commissioned by insurance and protection company Royal London among Irish people.

It was the third year in a row that money topped the list of worries for consumers.

Experts said that money concerns have become more intense despite the rise in the economy. This is likely due to the ongoing uncertainty over Brexit, and the rising cost of housing and rents.

The survey found that money is the greatest worry for those between the ages of 18 and 34, the generation most affected by the rising cost of accommodation – both rental and to buy.

More than half of those in their 20s and 30s are anxious about their finances.

But finances are less of a concern for people over the age of 55. Just over 29pc of those over the age of 55 worry about money.

Loneliness is an issue for more than one in 10 of those who are not married and also those aged over 55.

Across all age groups, some 46pc of respondents to the survey of 1,000 people, conducted by iReach, said money was their primary worry.

This was up from 37pc the previous year.

More women than men were concerned about money in 2018.

“The reason for the marked difference between 2017 and 2018 could have been due to the public being buoyed last year by the reports of the continuing growth of the economy, and as a result being more optimistic in terms of their levels of disposable income,” said Joe Charles, an executive with Royal London.